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The following is a transcription of a speech presented by Mr. Keehn, President of the Federal Reserve Bank of F Chicago, to the International Swaps and Derivative Association on March 18, 1994.

It is a pleasure to be here and to have a chance to review my thoughts on the derivatives markets with you. I firmly believe that these exchanges between regulators and industry participants serve an important and mutually beneficial purpose, and I think a good deal has been accomplished by the recent discussions. As you are all aware, the derivative markets are without question the fastest growing and most exciting area in the financial industry, but that growth is beginning to attract some unwanted yet perhaps healthy attention. To put it mildly, your press has not been very good lately. Between Metallgesellschaft, the recent case of Gibson Greetings, the cover of a major business magazine, and a blizzard of government and industry reports, it seems as though everyone is suddenly worried about derivatives.